Huntington National Bank Raises Holdings in Rocket Companies, Inc. (NYSE:RKT)

Huntington National Bank lifted its position in shares of Rocket Companies, Inc. (NYSE:RKT) by 548,750.0% during the fourth quarter, Holdings Channel reports. The firm owned 10,977 shares of the company’s stock after acquiring an additional 10,975 shares during the quarter. Huntington National Bank’s holdings in Rocket Companies were worth $124,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. EMG Holdings L.P. increased its position in Rocket Companies by 170.9% during the fourth quarter. EMG Holdings L.P. now owns 220,748 shares of the company’s stock worth $2,486,000 after buying an additional 139,252 shares during the period. Geode Capital Management LLC increased its holdings in shares of Rocket Companies by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 2,118,701 shares of the company’s stock valued at $23,865,000 after acquiring an additional 74,726 shares during the period. Wellington Management Group LLP increased its holdings in shares of Rocket Companies by 174.5% in the 4th quarter. Wellington Management Group LLP now owns 4,705,177 shares of the company’s stock valued at $52,980,000 after acquiring an additional 2,990,837 shares during the period. Caisse Des Depots ET Consignations purchased a new stake in Rocket Companies in the 4th quarter valued at $99,000. Finally, JPMorgan Chase & Co. boosted its stake in Rocket Companies by 2.2% during the 4th quarter. JPMorgan Chase & Co. now owns 8,161,979 shares of the company’s stock worth $91,904,000 after purchasing an additional 174,978 shares during the period. 4.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on RKT. Deutsche Bank Aktiengesellschaft upgraded shares of Rocket Companies from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Wednesday, April 2nd. Wedbush reaffirmed a “neutral” rating and set a $13.00 price objective on shares of Rocket Companies in a research note on Wednesday, March 5th. UBS Group raised Rocket Companies from a “sell” rating to a “neutral” rating and decreased their price objective for the stock from $12.50 to $11.50 in a research report on Friday, January 10th. Keefe, Bruyette & Woods raised Rocket Companies from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $12.00 to $14.00 in a report on Wednesday, April 2nd. Finally, Morgan Stanley decreased their price target on Rocket Companies from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Thursday, December 19th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $14.08.

Rocket Companies Stock Performance

NYSE:RKT opened at $15.38 on Monday. The company has a quick ratio of 15.47, a current ratio of 15.47 and a debt-to-equity ratio of 1.51. Rocket Companies, Inc. has a fifty-two week low of $10.06 and a fifty-two week high of $21.38. The firm’s fifty day simple moving average is $13.49 and its 200-day simple moving average is $14.14. The stock has a market cap of $30.70 billion, a PE ratio of -96.13 and a beta of 2.35.

Rocket Companies Cuts Dividend

The business also recently announced a dividend, which was paid on Thursday, April 3rd. Shareholders of record on Thursday, March 20th were issued a $0.80 dividend. The ex-dividend date was Thursday, March 20th. Rocket Companies’s dividend payout ratio (DPR) is presently 801.25%.

Rocket Companies Profile

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company’s solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.